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Jun 3, 2010 - Canadian dollar hits two-week high

Strong market reaction was spurred by the Bank of Canada's rise in interest rates to 0.5 per cent. On Wednesday, the Canadian dollar hit a two-week high against the U.S.

Figures showing stronger-than-expected U.S. pending home sales for April provided more evidence of U.S. economic recovery. North American stock markets pushed the Canadian dollar to an intraday high at C$1.0371 to the U.S. dollar, a level not seen since May 18.

"It's just some reversal from yesterday's (Tuesday) decent selloff with a little risk -- on today and that clearly benefits the Canadian dollar," said Benjamin Reitzes, economist at BMO Capital Markets.

The Canadian dollar closed at C$1.0384 to the U.S. dollar, or 96.30 U.S. cents, up from C$1.0540 to the U.S. dollar, or 94.88 U.S. cents, at Tuesday's close.

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